Inheritance Tax Planning
Inheritance Tax (IHT) may be payable when wealth is gifted or transferred either during your lifetime or on death.
MATTHEW NEEDHAM
Solicitor and LLP Member
Inheritance Tax payable on death and calculated is on the value of your “estate” when you die. This will include:
- Everything you own at the date of your death e.g. your property, bank accounts, shares, investments, personal belongings, business assets, life assurance policies.
- Your share of anything owned jointly with your spouse or any other person.
- The value of any trust fund from which you are entitled to benefit (i.e.) receiving a right to income or reside.
- The value of any/all gifts you have made in the last seven years before you die which are not covered by exemptions.
- The value of any assets which you have given away but still get a benefit from (i.e.) if give away a house but still live there. If you move a ‘transfer of value’ during your lifetime into a Trust and this does not fall within an exemption (a ‘lifetime chargeable transfer’), Inheritance Tax will be payable at the time of this transfer.
We will assist you by explaining the regime and then advising you of the exemptions and reliefs available.
Our knowledgeable and experienced lawyers consider your situation and will strive to help you maximise your wealth for your loved ones.
If you think that your estate would be liable to Inheritance Tax and are concerned by it, we can advise you on your succession planning options.
We will assist you by explaining the Inheritance Tax regime and then advise you of the exemptions and reliefs available to you in your circumstances. We go one step further by considering the possible measures you could consider to mitigate your exposure to Inheritance Tax.
In addition to providing assistance with Inheritance Tax matters, we can help with the consideration of Capital Gains Tax (CGT) situations that could affect you. CGT is a tax on the increase in value of your assets (i.e.) a second home, antiques or shares during the time you owned them. The tax is due when you dispose of them (i.e.) sell them or give them away. Any ‘gain’ in value that you have made from disposing of the asset that remains after applying your exemptions/allowances will be taxed with the amount due depending upon whether you are a basic-rate or higher-rate taxpayer.
Our experts can supply you with the information and knowledge you need to make informed decisions about your assets going forward.
We stay abreast of the ever changing rules and laws that may affect you so that our advice to you will be based upon the latest developments.
Meet the team
Matthew Needham
Solicitor and LLP Member
Rebecca Taylor
Solicitor, LLP Member and Associate Member of Solicitors for the Elderly
Philippa Crane
T.E.P, Solicitor and LLP Member
Laura Doherty
T.E.P, Solicitor and LLP Member
Leanne Cooper
T.E.P, Trust and Estate Practitioner, Solicitor and LLP Member
Rebecca Abraham
T.E.P, Solicitor and LLP Member
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